As per section 2(41) of CA, 2013, if company is incorporated in Jan-Mar of a year, say, in Jan-16, its first accounting year should end on 31st March of next year, i.e. 31-03-2017 in our case. But it is not so in the Income Tax Act, 1961. For that a company incorporated in Jan-16, its first previous year should ends on 31-03-2016 for assessment year 2016-17 (refer section 3).
Now, the question is that how this company, incorporated in Jan-16 and have a valid PAN in Feb-16, can file its ITR for a previous year from Jan-16 to Mar-16 (A.Y. 2016-17), as required by income tax act, while its first accounting year will end on 31-03-17, as required by companies act?
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